PETROLEUM & OTHER LIQUIDS

OVERVIEW

DATA

GLOSSARY

ANALYSIS & PROJECTIONS

FAQS

Definitions, Sources and Explanatory Notes

Category: Petroleum Prices
Topic:
Spot Prices

Definitions
Key Terms

Definition

Brent

A blended crude stream produced in the North Sea region which serves as a reference or "marker" for pricing a number of other crude
streams.

Conventional Gasoline

Finished motor gasoline not included in the oxygenated or reformulated gasoline categories. Excludes reformulated gasoline blendstock for
oxygenate blending (RBOB) as well as other blendstock.

Crude Oil

A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after
passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include:
Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after
being recovered from oil well (casinghead) gas in lease separators and are subsequently commingled with the crude stream without being
separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into
the crude stream is also included;
Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals;
Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including
heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or
chemical content.

Kerosene-Type Jet Fuel

A kerosene-based product having a maximum distillation temperature of 400 degrees Fahrenheit at the 10-percent recovery point and a final
maximum boiling point of 572 degrees Fahrenheit and meeting ASTM Specification D 1655 and Military Specifications MIL-T-5624P and MILT-83133D (Grades JP-5 and JP-8). It is used for commercial and military turbojet and turboprop aircraft engines.

Los Angeles

The location specified in either spot or futures contracts for delivery of a product in any port city in southern California.

Mont Belvieu

The location specified in either spot or futures contracts for delivery of propane in Mont Belvieu, Texas.

New York Harbor

The location specified in either spot or futures contracts for delivery of a product in New York Harbor.

No. 2 Diesel Fuel

A gasoil type distillate for use in high speed diesel engines generally operated under uniform speed and load conditions, with distillation
temperatures between 540-640 degrees Fahrenheit at the 90-percent recovery point; and the kinematic viscosities between 1.9-4.1
centistokes at 100 degrees Fahrenheit as defined in ASTM specification D975-93. Includes Type R-R diesel fuel used for railroad locomotive
engines, and Type T-T for diesel-engine trucks.
For pricing data: Ultra-Low Sulfur or On-Highway Diesel Fuel is No. 2 diesel fuel which has a sulfur level less than or equal to 15 ppm (parts
per million); Low Sulfur Diesel Fuel is No. 2 diesel fuel which has a sulfur level greater than 15 and less than or equal to 500 ppm; and High
Sulfur refers to No. 2 distillate (either diesel or fuel oil) which has a sulfur level greater than 500 ppm.

Oxygenates

Substances which, when added to gasoline, increase the amount of oxygen in that gasoline blend. Ethanol, Methyl Tertiary Butyl Ether
(MTBE), Ethyl Tertiary Butyl Ether (ETBE), and methanol are common oxygenates.
Fuel Ethanol: Blends of up to 10 percent by volume anhydrous ethanol (200 proof) (commonly referred to as the "gasohol waiver").
Methanol: Blends of methanol and gasoline-grade tertiary butyl alcohol (GTBA) such that the total oxygen content does not exceed 3.5
percent by weight and the ratio of methanol to GTBA is less than or equal to 1. It is also specified that this blended fuel must meet ASTM
volatility specifications (commonly referred to as the "ARCO" waiver).
Blends of up to 5.0 percent by volume methanol with a minimum of 2.5 percent by volume cosolvent alcohols having a carbon number of 4 or
less (i.e., ethanol, propanol, butanol, and/or GTBA). The total oxygen must not exceed 3.7 percent by weight, and the blend must meet ASTM
volatility specifications as well as phase separation and alcohol purity specifications (commonly referred to as the "DuPont" waiver).
MTBE (Methyl tertiary butyl ether): Blends up to 15.0 percent by volume MTBE which must meet the ASTM D4814 specifications.
Blenders must take precautions that the blends are not used as base gasolines for other oxygenated blends (commonly referred to as the
"Sun" waiver).

Propane (C3H8)

A normally gaseous straight-chain hydrocarbon. It is a colorless paraffinic gas that boils at a temperature of -43.67 degrees Fahrenheit. It is
extracted from natural gas or refinery gas streams. It includes all products designated in ASTM Specification D1835 and Gas Processors
Association Specifications for commercial propane and HD-05 propane. For price data, it does not include the propane portion of any natural
gas liquids (NGL) mixes; i.e., butane-propane and ethane-propane mix.

RBOB

"Reformulated Gasoline Blendstock for Oxygenate Blending" is motor gasoline blending components intended for blending with oxygenates to
produce finished reformulated gasoline.

Regular Gasoline

Gasoline having an antiknock index (average of the research octane rating and the motor octane number) greater than or equal to 85 and less
than 88. Note: Octane requirements may vary by altitude.

Spot Price

The price for a one-time open market transaction for immediate delivery of a specific quantity of product at a specific location where the
commodity is purchased "on the spot" at current market rates.

U.S. Gulf Coast

The location specified in either spot or futures contracts for delivery of a product in any port city along the coastline of Texas and Louisiana.

West Texas Intermediate (WTI Cushing)

A crude stream produced in Texas and southern Oklahoma which serves as a reference or "marker" for pricing a number of other crude
streams and which is traded in the domestic spot market at Cushing, Oklahoma.

For definitions of related energy terms, refer to the EIA Energy Glossary .

Sources

Explanatory Notes
Weekly, monthly, and annual prices are calculated by EIA from daily data by taking an unweighted average of the daily closing spot prices for a given product over the specified
time period.